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Study on the remuneration provisions applicable to credit institutions and investment firms

PublikationRapporter
Andreas Stephan, EU-kommissionen, Företagandets villkor

Sammanfattning

Variable remuneration in credit institutions and investment firms can encourage excessive risk-taking behaviour. The present research investigates the impact of the Capital Requirement Directive and Regulation (CRD IV package) on this type of behaviour. The research shows that the Directive has had a significant effect on risk management. Deferral of variable pay, malus arrangements and a maximum ratio for the variable pay of risk-taking personnel are seen to be effective incentives even at this early stage. Competitive disadvantages with regard to attracting and retaining staff from unregulated sectors could not be verified. Problems have been found with regard to clawback clauses in the context of national employment law. Other problems concern the need for rules that are better adapted to the business scale. The rules work well in the case of big and significant institutions. For small and non-complex institutions, which are less engaged in risky activities and which pay out low amounts of variable remuneration, the relatively high implementation cost of deferral and pay-out in instrument are of concern. Member States have made wide use of exclusions. Regulating the extent, process and identification of such exclusions at the EU-level would further harmonise remuneration policies in the member states.

Reifner, U., Neuberger, D., Clerc-Renaud, S., Zakaria, I., Schwizer, P., Nastansky, A., Stephan, A., Soana, M. G., Ferri, G., Schwartz, S., Forbes, W., & Riefa, C. (2016). Study on the remuneration provisions applicable to credit institutions and investment firms(JUST/2015/MARK/PR/CIVI/0001) [Prepared by the institute for financial services for European Commission’s DG JUST]. Hamburg: Institut für Finanzdienstleistungen e.V.

Baserat på innehåll

Study on the remuneration provisions applicable to credit institutions and investment firms
ReportsPublikation
Reifner, U., Neuberger, D., Clerc-Renaud, S., Zakaria, I., Schwizer, P., Nastansky, A., Stephan, A., Soana, M. G., Ferri, G., Schwartz, S., Forbes, W., & Riefa, C.
Publiceringsår

2016

Sammanfattning

Variable remuneration in credit institutions and investment firms can encourage excessive risk-taking behaviour. The present research investigates the impact of the Capital Requirement Directive and Regulation (CRD IV package) on this type of behaviour. The research shows that the Directive has had a significant effect on risk management. Deferral of variable pay, malus arrangements and a maximum ratio for the variable pay of risk-taking personnel are seen to be effective incentives even at this early stage. Competitive disadvantages with regard to attracting and retaining staff from unregulated sectors could not be verified. Problems have been found with regard to clawback clauses in the context of national employment law. Other problems concern the need for rules that are better adapted to the business scale. The rules work well in the case of big and significant institutions. For small and non-complex institutions, which are less engaged in risky activities and which pay out low amounts of variable remuneration, the relatively high implementation cost of deferral and pay-out in instrument are of concern. Member States have made wide use of exclusions. Regulating the extent, process and identification of such exclusions at the EU-level would further harmonise remuneration policies in the member states.

Samhällsfarliga konflikter i en ny tid – utmaningar och reformbehov
RapporterPublikation
Karlson, N.
Publiceringsår

2020

Publicerat i

Arbetsmarknadsprogrammet

Sammanfattning

Sammanfattning:
I rapporten undersöks om de svenska regelverken för hantering av samhällsfarliga arbetsmarknadskonflikter behöver uppdateras eller reformeras. Är de ändamålsenliga i en värld där viktiga samhällsfunktioner upprätthålls av ett stort antal ömsesidigt beroende aktörer i komplexa system där varje enskild nod blir kritisk för systemets funktionalitet, och där samhällsviktig verksamhet lika gärna är privat som offentlig? En jämförelse görs med motsvarande regleringsmetoderna och deras förändring i Storbritannien, Tyskland och Danmark.

The Proportionality Principle in German and European Rules of Industrial Conflict
RapporterPublikation
Waas, B.
Publiceringsår

2019

Publicerat i

Arbetsmarknadsprogrammet

Sammanfattning

This report deals with the significance of the principle of proportionality in the strike law of Germany and the EU. As far as German law is concerned, the legal basis and content of the principle of proportionality will first be outlined, and then the importance of the principle for labour law in general. The main issue, however, is the role played by the principle of proportionality in industrial action law. There the Federal Labour Court has meanwhile raised the principle to the central yardstick for the assessment of industrial action measures. The relevant decisions will be presented, but also the considerable criticism of these will not be concealed. Subsequently, EU law will come to the fore, whereby the legal basis, the content and the scope of application of the principle of proportionality will be dealt first. On that basis, the application of the principle in industrial action law will be examined. In that context, the focus will be in the decisions of the European Court of Justice in the cases Laval and Viking. The following section is then devoted to the comparison of German and European law. The author here demonstrates that there are considerable differences in the application of the principle of proportionality.

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